MASON, Ohio--(BUSINESS WIRE)--Jan. 7, 2019--
AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for
atrial fibrillation (Afib) and left atrial appendage (LAA) management,
today announced preliminary financial results for the fourth quarter and
full year 2018 and provided 2019 financial guidance.
Preliminary, unaudited revenue for fourth quarter 2018 is expected to be
approximately $52.9 million, reflecting growth of approximately 15% over
the fourth quarter of 2017. Based on this preliminary estimate, revenue
from U.S. customers is expected to be $43.1 million, reflecting growth
of 19% and driven again by strong sales of open-heart ablation products
and appendage management products. Revenue from international customers
is expected to be approximately $9.8 million, a decrease of 1% as
reported and an increase of 1% on a constant currency basis.
Preliminary revenue for full year 2018 is expected to be $201.6 million,
reflecting growth of approximately 15% over full year 2017. Adjusted
EBITDA (a non-GAAP measure consistently calculated as in previous
releases1) for the full year 2018 is currently estimated to
be a loss in the previously communicated range of $1 to $3 million.
“We are pleased with our fourth quarter results and performance
throughout 2018, as we continue our track record of strong, consistent
revenue growth. We achieved many milestones and accomplishments in 2018:
we completed enrollment in the CONVERGE IDE trial, trained over 400
healthcare professionals worldwide, surpassed the 170,000 AtriClip
milestone, launched the AtriClip FLEX•V® device, and
established a dedicated pain management team,” said Mike Carrel,
President and Chief Executive Officer of AtriCure. “We are well
positioned to continue executing on our strategy and positively
impacting patient lives.”
2019 Financial Guidance
Management projects 2019 revenue of approximately $220 million to $228
million, reflecting growth of approximately 9% to 13% over full year
2018. Adjusted EBITDA, a non-GAAP measure, is projected to be
positive for 2019.
AtriCure, Inc. provides innovative technologies for the treatment of
Afib and related conditions. Afib affects more than 33 million people
worldwide. Electrophysiologists and cardiothoracic surgeons around the
globe use AtriCure technologies for the treatment of Afib and reduction
of Afib related complications. AtriCure’s Isolator® Synergy™
Ablation System is the first and only medical device to receive FDA
approval for the treatment of persistent Afib. AtriCure’s AtriClip®
Left Atrial Appendage Exclusion System products are the most widely sold
left atrial appendage management devices worldwide, with more than
170,000 implanted to date. For more information, visit AtriCure.com or
follow us on Twitter @AtriCure.
This press release contains “forward-looking statements”– that is,
statements related to future events that by their nature address matters
that are uncertain. For details on the uncertainties that may cause our
actual results to be materially different than those expressed in our
forward-looking statements, visit http://www.atricure.com/fls
as well as our Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q which contain risk factors. We do not undertake to update our
forward-looking statements. This document also includes forward-looking
projected financial information that is based on current estimates and
forecasts. Actual results could differ materially.
1 AtriCure will provide a reconciliation of non-GAAP measures
to the related GAAP measure in the release of final 2018 results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190107005217/en/
Source: AtriCure, Inc.
Senior Vice President and Chief